I would like to start...

[Kichinichi]

I would like to start mining but I'm not sure where to begin. I can't really afford to buy any hardware right now. I'm currently on disability but would like to earn money somehow. I would greatly appreciate any advice and/or guidance. I only have a gts 450 atm. It's the best thing I can afford right now. I would eventually save up for a decent piece of hardware. I'm very interested in this digital currency but I'm also very afraid. I have watched a few videos on how to get started but I don't want to lose my PC to a hardware failure. I couldn't possibly afford to replace it.

[xhomerx10]

Do you pay for your electricity usage or is it included in your rent?

[Kichinichi]

I only pay a certain amount for rent. So I guess it's kinda included atm.

[franky1]

at the moment pools are estimating that a 4.7Thash miner (costing $1000) would earn you $6 a day.
and at 1300kwh this can cost between $3-$9 in electric which is a +$3 income or a -$3 income depending on electric
based on 10cents per kwh electric
if in the UK where electric is 20p(30cent)

EDIT. u said you dont pay electric so lets just call it $6 income for todays estimate)
but with a 2 week delivery time that $6(£4) turns into $5.40(£3.60) because of the dynamics of how difficult it becomes to mine changes every 2 weeks
so by the time you get your $1000(£650) piece of equipment and then mine for a 2 week period you will get

$42 based on 10cent electric and bitcoin staying around the $400 mark. two weeks later
$37.80 two weeks later
$34 two weeks later
$30.60 two weeks later
$27  two weeks later
$25  two weeks later
$22 two weeks later
$20  two weeks later
$18

and then the reward halving would occur. so if bitcoin is still priced at $400 each
$8 two weeks later
$7.20 two weeks later
$6.50 two weeks later
$5.85 two weeks later


basically at this point you have made a combined total of under $300 and its been about 6 months.. knowing your income is diminishing every fortnight.

now you may be asking why or how do miners mine for profit.
the answer is simple.

the cost to make a ASIC is only a couple hundred dollars, but they sell them to noobs in the western world for $1000.
meaning for every rig you buy. they hand you one and you have given them 4 for free..

so with electric under $1.50 a day in asia and iceland. the profit they make starts at $63 (and thats pure profit because they dont need to cover costs of the ASIC.
infact thanks to you giving them 4 asics for free when you handed over $1000 they are making $250 a fornight to start with while you will be still waiting for delivery of your 1 asic
which means they can have 9 months of pure profit. before the income becomes the same as electric
while you are only getting 9 months before income becomes under $1 a week and you still have not even got 50% of the initial $10000 cost of your ASIC back.


so in short. mining bitcoin is not for the small consumer hobbyist of the western world. if you are still interested in mining then you should lookinto some altcoins that might have an initial "pump". but in reality the risk does not outweigh the reward

you are far more better off just buying small amounts of bitcoin, maybe $10-$20 a week. and just store it. and let the long term deflationary price increase the value. just dont waste $1000 on a piece of equipment that only gets you 35-50% return

[Kichinichi]

I see. So there's no point then I guess. Thank you for the information. I would like an admin to delete this discussion please. It's usefulness has been completed.

[Amph]

buy gpu rig, for the moment they are far more profitable than any asic out there

right now for example a signle 970 or 280 can do almost 0.02 mining ethereum versus a single asic antminer s7 that only does 0.014

the difference is that 1 single gpu consume 200w at most(150 the 970 nvidia) and hte asic 1200w, so it's clear who is the winner here

[salmanahmedone]

Yes, we have to consider the electricity and other factors
before seeing how much is the actual profit in mining.

[Fortify]

I see. So there's no point then I guess. Thank you for the information. I would like an admin to delete this discussion please. It's usefulness has been completed.

Why would anyone delete the thread? You asked a good question and a decent answer has been given. The fact that it's profitable in certain regions and not necessarily western countries is powerful information. Forums like bitcointalk are here to share knowledge with a wide audience

[leowonderful]

Starting is incredibly easy if you are NOT looking for profit. Just buy a S1 or S3 and start. Leave it on 24/7 and lose 30$ a month with electricity + more.
ROI is impossible with any miner atm with .1$ elec, but lower than that ROI is possible. It'll just be incredibly slow to roi.

[Nameless Coin]

I would like to start mining but I'm not sure where to begin. I can't really afford to buy any hardware right now. I'm currently on disability but would like to earn money somehow. I would greatly appreciate any advice and/or guidance. I only have a gts 450 atm. It's the best thing I can afford right now. I would eventually save up for a decent piece of hardware. I'm very interested in this digital currency but I'm also very afraid. I have watched a few videos on how to get started but I don't want to lose my PC to a hardware failure. I couldn't possibly afford to replace it.

Right now I would advice you to wait for the next generation asic miners. Mining with your GPU will hurt your wallet more then it will give you profit.
I've done this a few months ago and after 4 months of mining, my card broke.

[leowonderful]

I would like to start mining but I'm not sure where to begin. I can't really afford to buy any hardware right now. I'm currently on disability but would like to earn money somehow. I would greatly appreciate any advice and/or guidance. I only have a gts 450 atm. It's the best thing I can afford right now. I would eventually save up for a decent piece of hardware. I'm very interested in this digital currency but I'm also very afraid. I have watched a few videos on how to get started but I don't want to lose my PC to a hardware failure. I couldn't possibly afford to replace it.

Right now I would advice you to wait for the next generation asic miners. Mining with your GPU will hurt your wallet more then it will give you profit.
I've done this a few months ago and after 4 months of mining, my card broke.

THAT was a dumb decision. Even if you were mining ether per se, and it was profitable, the risk of a broken gpu outweighs the profit from mining. I don't know why people mine with their gpu, you lose both money and the gpu eventually. A double whammy.. Lel.  
There's no guarantee the "next gen" bitmain and bitfury chips will ever get released. Bitfury could only sell the 16nm chips privately, and bitmain could just be making another 4U rackminer to offload their BM1385 stock. Nobody knows... yet.

[talks_cheep]

at the moment pools are estimating that a 4.7Thash miner (costing $1000) would earn you $6 a day.
and at 1300kwh this can cost between $3-$9 in electric which is a +$3 income or a -$3 income depending on electric
based on 10cents per kwh electric
if in the UK where electric is 20p(30cent)

EDIT. u said you dont pay electric so lets just call it $6 income for todays estimate)
but with a 2 week delivery time that $6(£4) turns into $5.40(£3.60) because of the dynamics of how difficult it becomes to mine changes every 2 weeks
so by the time you get your $1000(£650) piece of equipment and then mine for a 2 week period you will get

$42 based on 10cent electric and bitcoin staying around the $400 mark. two weeks later
$37.80 two weeks later
$34 two weeks later
$30.60 two weeks later
$27  two weeks later
$25  two weeks later
$22 two weeks later
$20  two weeks later
$18

and then the reward halving would occur. so if bitcoin is still priced at $400 each
$8 two weeks later
$7.20 two weeks later
$6.50 two weeks later
$5.85 two weeks later


basically at this point you have made a combined total of under $300 and its been about 6 months.. knowing your income is diminishing every fortnight.

now you may be asking why or how do miners mine for profit.
the answer is simple.

the cost to make a ASIC is only a couple hundred dollars, but they sell them to noobs in the western world for $1000.
meaning for every rig you buy. they hand you one and you have given them 4 for free..

so with electric under $1.50 a day in asia and iceland. the profit they make starts at $63 (and thats pure profit because they dont need to cover costs of the ASIC.
infact thanks to you giving them 4 asics for free when you handed over $1000 they are making $250 a fornight to start with while you will be still waiting for delivery of your 1 asic
which means they can have 9 months of pure profit. before the income becomes the same as electric
while you are only getting 9 months before income becomes under $1 a week and you still have not even got 50% of the initial $10000 cost of your ASIC back.


so in short. mining bitcoin is not for the small consumer hobbyist of the western world. if you are still interested in mining then you should lookinto some altcoins that might have an initial "pump". but in reality the risk does not outweigh the reward

you are far more better off just buying small amounts of bitcoin, maybe $10-$20 a week. and just store it. and let the long term deflationary price increase the value. just dont waste $1000 on a piece of equipment that only gets you 35-50% return

Damn, this should be a sticky so everyone can see the info. Is there a PSA section on the forum? Kudos to franky1. I've never seen such a succint answer before.

[philipma1957]

at the moment pools are estimating that a 4.7Thash miner (costing $1000) would earn you $6 a day.
and at 1300kwh this can cost between $3-$9 in electric which is a +$3 income or a -$3 income depending on electric
based on 10cents per kwh electric
if in the UK where electric is 20p(30cent)

EDIT. u said you dont pay electric so lets just call it $6 income for todays estimate)
but with a 2 week delivery time that $6(£4) turns into $5.40(£3.60) because of the dynamics of how difficult it becomes to mine changes every 2 weeks
so by the time you get your $1000(£650) piece of equipment and then mine for a 2 week period you will get

$42 based on 10cent electric and bitcoin staying around the $400 mark. two weeks later
$37.80 two weeks later
$34 two weeks later
$30.60 two weeks later
$27  two weeks later
$25  two weeks later
$22 two weeks later
$20  two weeks later
$18

and then the reward halving would occur. so if bitcoin is still priced at $400 each
$8 two weeks later
$7.20 two weeks later
$6.50 two weeks later
$5.85 two weeks later


basically at this point you have made a combined total of under $300 and its been about 6 months.. knowing your income is diminishing every fortnight.

now you may be asking why or how do miners mine for profit.
the answer is simple.

the cost to make a ASIC is only a couple hundred dollars, but they sell them to noobs in the western world for $1000.
meaning for every rig you buy. they hand you one and you have given them 4 for free..

so with electric under $1.50 a day in asia and iceland. the profit they make starts at $63 (and thats pure profit because they dont need to cover costs of the ASIC.
infact thanks to you giving them 4 asics for free when you handed over $1000 they are making $250 a fornight to start with while you will be still waiting for delivery of your 1 asic
which means they can have 9 months of pure profit. before the income becomes the same as electric
while you are only getting 9 months before income becomes under $1 a week and you still have not even got 50% of the initial $10000 cost of your ASIC back.


so in short. mining bitcoin is not for the small consumer hobbyist of the western world. if you are still interested in mining then you should lookinto some altcoins that might have an initial "pump". but in reality the risk does not outweigh the reward

you are far more better off just buying small amounts of bitcoin, maybe $10-$20 a week. and just store it. and let the long term deflationary price increase the value. just dont waste $1000 on a piece of equipment that only gets you 35-50% return

Damn, this should be a sticky so everyone can see the info. Is there a PSA section on the forum? Kudos to franky1. I've never seen such a succint answer before.

But it is wrong as it makes certain assumptions that may not happen..

No one knows the future 100% sure.    = Truth

So his assumptions are on the future  ie they may or may not come true.



So here is a completely different assumption.  look as the past history here:

https://bitcoinwisdom.com/bitcoin/difficulty


Apr 05 2015   49,446,390,688         5.84%   353,951,052 GH/s
Jun 28 2015   49,402,014,931       -0.58%    353,633,397 GH/s

Jul 11 2015   51,076,366,303        3.39%    365,618,871 GH/s

Apr 5  to Jul 10 = 96 days   

 The diff went from  49.44 to 49.40    a tiny drop


https://bitcoinwisdom.com/markets/coinbase/btcusd

Feb 22 2015 price was  256

July 11 2015 price was  313

So if this repeats over the next 96 days mining is better to do.